Define replacement. replacement synonyms, replacement pronunciation, replacement translation, English dictionary definition of replacement. n. 1. The act or process of replacing or of being replaced: a knee replacement; replacement of the furnace. 2. One
in the event theReplacement Insurance Policy or Replacement LC lapses or is otherwise rendered ineffective during such period,Buyer willpromptly deliver toSeller areplacement insurance policy, letter of credit or similar instrument reasonably acceptable to Seller, which policy, letter of credit or other...
Does a board engage in improper conduct when it enforces a rule or policy? The courts recently said no and yes to these questions For a new project, the replacement reserve is funded by directly expensing approximately $225 to $250 per unit per year. Truth or consequences: evaluating your ...
Thecostof replacing anassetin the case that it is damaged or destroyed. That is, the replacement value changes according to themarket valueof the asset. An individual or company maybuyareplacement cost insurancepolicy to cover the replacement value. It is also called the replacement cost. ...
Replacement cycle hire We will pay up to £500 in any one period of insurance, for the reasonable cost of the hire of an alternative cycle from a recognised reputable cycle dealer whilst awaiting repair or replacement of your cycle when the subject of an approved claim.1. When the costs ...
Most insurance policy's have language similar to the one below. “We will pay the cost to repair or replace with similar construction and for the same use on the premises, subject to the following: until actual repair or replacement is complete, we will pay only the actua...
The term replacement cost is widely used in the insurance sector. The insurance companies offer the replacement policy to cover the damage of a company’s assets. Here, the insurer guarantees to pay the insured entity the replacement cost of the asset insured, if it is damaged or destroyed. ...
Definition In the insurance industry, replacement cost is the amount the insurance company will pay to replace the car if it is damaged or stolen. No matter how old or used the car was at the time of loss, the insurance company will pay the vehicle's original price. ...
, regardless of the policy limit.”2New York “does not provide one definitive definition of the term and, in practice, insurers may ‘cap’ their liability under such a clause by including additional provisions in the insurance policy.”3Be sure to double-check the limits of your policy....
Property insurance policyholders usually would instead be reimbursed for the replacement cost rather than actual cash value, as these amounts frequently differ. In the case of an automobile that is totaled in an accident, for example, the insurance company would typicallypay the actual cash value ...